Bank of England FXJSC Sub-Committee Meets to Discuss T+1 Settlement, FX Innovation, and 2027 Global Code Review
On June 16, 2026, the Operations Sub-Committee of the London Foreign Exchange Joint Standing Committee (FXJSC) convened under the leadership of James Kaye from HSBC. New appointments included Adam Jukes from Deutsche Bank and Jonathan Morris from Goldman Sachs, who took over from Nimit Jobanputra and Anna Chadderton, with Adam Paris from MUFG attending as an observer. Several members sent their apologies. The minutes from the meeting held on March 18, 2026, were ratified. The Chair highlighted the stability of FX markets despite geopolitical tensions and provided updates on FX turnover surveys and the GFXC's ongoing work, including the upcoming review of the FX Global Code in 2027. Presentations focused on wholesale FX innovation, T+1 securities settlement, and GFXC initiatives, with a mention of high settlement volumes and continued regulatory collaboration.
Key facts
- The FXJSC Operations Sub-Committee met in London on 16 June 2026, chaired by James Kaye of HSBC
- Adam Jukes (Deutsche Bank) and Jonathan Morris (Goldman Sachs) joined the Committee, replacing Nimit Jobanputra and Anna Chadderton
- Adam Paris (MUFG) was welcomed as an observer; apologies came from eight members including Andrew Grice (Bank of England) and Gail Smith (Royal Bank of Canada)
- The 18 March 2026 Operations Sub-Committee minutes were agreed, and the Chair summarised the March 2026 Main Committee meeting
- Bank of England representatives John Jackson, Pablo Sanchez Zapata and Regis Bouther presented on wholesale FX innovation and cross-border settlement experimentation
- Dhruv Manocha and Holly Snaith (Bank of England) outlined the UK and Europe move to T+1 securities settlement and its FX implications
- Dean Chard (Swift) reported on ISDA collaboration to revise FX Category 3 messaging standards, with three change requests and a November 2027 transition
- Natalie Lovell (Bank of England) covered GFXC work including BIS FX settlement data, a new Technology and Innovation Working Group and the 2027 FX Global Code review
- Andrew Cooper (CLS) flagged a major CLS data centre technical cutover at end-June and progress on US dollar/Chinese yuan (offshore) CLS settlement
- Steve Forrest (UBS) reported on GFXD work covering NDF messaging, AI, netting, custodial issues and rising FX claims
- Ellie McCormack (FCA) noted joint Bank/FCA work on EMIR and MiFID and a new industry transaction reporting and post-trade working group
Entities
Artists
- James Kaye
- Adam Jukes
- Nimit Jobanputra
- Jonathan Morris
- Anna Chadderton
- Adam Paris
- Andrew Grice
- Claire Forster-Lee
- Daniel Hoye
- Fiona O'Riordan
- Gail Smith
- Hendrik van der Merwe
- James Hull
- Jermain Nooks
- John Jackson
- Pablo Sanchez Zapata
- Regis Bouther
- Dhruv Manocha
- Holly Snaith
- Dean Chard
- Natalie Lovell
- Andrew Cooper
- Steve Forrest
- Ellie McCormack
- Aaron Mills
- Gary Cunningham
- James Andrews
- Kerry Peacock
- Loic Moreau
- Rebecca Fishwick
- Eleanor Garrett
- Matthew Hartley
Institutions
- Bank of England
- HSBC
- Deutsche Bank
- Goldman Sachs
- MUFG
- Morgan Stanley
- NatWest Markets
- Citi
- Royal Bank of Canada
- Northern Trust
- MillTech FX
- Investment Association
- Foreign Exchange Joint Standing Committee (FXJSC)
- Global Foreign Exchange Committee (GFXC)
- International Swaps and Derivatives Association (ISDA)
- Swift
- Bank for International Settlements (BIS)
- CLS
- Global Foreign Exchange Division (GFXD)
- UBS
- Financial Conduct Authority (FCA)
- Citadel
- Insight Investment
- JP Morgan
- LSEG
- Barclays
- FCA
- LCH
- ISDA
- GFXC
- IMM
- GFXD
Locations
- London
- United Kingdom
- Europe